Tax Planning

Coverdell ESAs: The Tax-Advantaged Way to Fund Elementary and Secondary School Costs

Yeo & Yeo CPAs & Business Consultants

With school out you might be focused on summer plans for your children (or grandchildren). But the end of the school year is also a good time to think about Coverdell Education Savings Accounts (ESAs) — especially if the children are in grade school or younger. One major advantage of ESAs over another popular education saving tool,... Learn More

5 Tips to Consider Before You Buy a Franchise

Yeo & Yeo CPAs & Business Consultants

For entrepreneurs seeking a lower-risk, turnkey opportunity, a franchise can be a good fit. But to help ensure you are making the right choice be sure to consider: 1. Self Assess. Franchise systems are highly structured and best suited to owners willing to follow rules and listen to feedback. 2. Perform Research. Some franchises are better tha... Learn More

Wedding Bells and Taxes: Tax Issues to Consider Before Tying the Knot

Yeo & Yeo CPAs & Business Consultants

Summer — the traditional wedding season — is just around the corner. Marriage changes life in many ways. Here's how it may affect your tax situation. Marital Status Your marital status at year end determines your tax filing options for the entire year. If you're married on December 31, you'll have two federal income ... Learn More

Michigan Farmland and Forest Preservation Programs Offer Tax Benefits

Alex Wilson

The State of Michigan has developed several programs that aim to protect and control the use of farmland and forest property. They seek to safeguard open area lands from being turned into commercial or industrial property. This article will outline three programs: The Farmland and Open Space Preservation Program (formerly PA-116), the Co... Do You Qualify?

Do You Know the Tax Implications of Your C Corp.’s Buy-sell Agreement?

Yeo & Yeo CPAs & Business Consultants

Operating a business provides a tax benefit if you have an unprofitable year: You can use the loss to offset other income. But you can lose that tax benefit if the IRS views your business as a hobby. Private companies with more than one owner should have a buy-sell agreement to spell out how ownership shares will change hands should an o... Learn More

President Trump Proposes Biggest Individual and Business Tax Cut in American History

Yeo & Yeo CPAs & Business Consultants

The White House released the "core principles" of President Trump's tax plan on Wednesday, April 26, led in a press briefing by Treasury Secretary Steven Mnuchin and National Economic Council director Gary Cohn. Secretary Mnuchin stated the "core principles" would be worked on with Congress to produce a bill that can be passed. In answer to ... Learn More

Turning Next Year’s Tax Refund into Cash in Your Pocket Now

Yeo & Yeo CPAs & Business Consultants

Each year, millions of taxpayers claim an income tax refund. To be sure, receiving a payment from the IRS for a few thousand dollars can be a pleasant influx of cash. But it means you were essentially giving the government an interest-free loan for close to a year, which isn’t the best use of your money. Fortunately, there is a way t... Learn How

A Timely Postmark on Your Tax Return may not be Enough to Avoid Late-filing Penalties

Yeo & Yeo CPAs & Business Consultants

Because of a weekend and a Washington, D.C., holiday, the 2016 tax return filing deadline for individual taxpayers is Tuesday, April 18. The IRS considers a paper return that’s due April 18 to be timely filed if it’s postmarked by midnight. But dropping your return in a mailbox on the 18th may not be sufficient. An example Let’s say yo... Learn More

Do You Need to File a Gift or Estate Tax Return?

Thomas E. Coulter

If you have made substantial gifts to your loved ones, or if you are the executor of someone’s estate, it is important to understand the rules surrounding gift and estate tax returns. Determining whether you need to file a return can be confusing, and in some cases it is advisable to file a return even if it is not required. Here is a brief summ... Learn More